Crude oil futures continued to rise Wednesday amid tough talk from the U.S. toward Iran.
The State Department yesterday suggested it would pressure buyers to stop buying Iranian oil in November.
Total and Shell have already announced they are walking away from Iran.
Also, the American Petroleum Institute (API) on Tuesday reported an enormous draw of over 9.2 million barrels in the U.S. crude oil inventories for the week ending June 22.
The Energy Information Administration (EIA) releases its weekly figures this morning.
Despite a recent pledge from OPEC to increase supplies, WTI light sweet oil has rebounded to $71 a barrel.